If you want to buy, sell, swap, or stake cryptocurrency, you’d most likely do so on a cryptocurrency exchange. These platforms facilitate the trade of decentralized funds and usually offer high levels of security to protect user funds. One such exchange, known as Coinbase, has been available for crypto trading for many years. But what exactly is Coinbase, and how does it differ from its sister platform, Coinbase Pro?
What Is Coinbase?
Launched in 2012 by software engineer Brian Armstrong and former Goldman-Sachs trader Fred Ehrsam, Coinbase initially offered Bitcoin trading alone. But as the crypto industry grew in size and popularity, the platform began diversifying, supporting more decentralized assets. Today, Coinbase supports over 160 coins.
As you can see below, Coinbase’s layout is pretty simple, allowing both experienced and inexperienced individuals to easily understand how it works and use its features. Navigating Coinbase’s interface is fairly straightforward, allowing you to view key statistics, such as the top cryptos, with just a few clicks.
You’ll also be able to enjoy a range of security features on Coinbase, including two-factor authentication, fund insurance, and the Vault feature, which involves the co-signing of transactions from a trusted individual. If the transaction cannot be co-signed, it is then canceled before it begins. Coinbase also keeps over 98% of its deposits in cold storage (i.e., offline), making it much harder for attackers to remotely access them.
On top of its website, Coinbase offers a smartphone app where you can easily trade crypto on the go.
So, in what ways does Coinbase differ from Coinbase Pro?
What Is Coinbase Pro?
Coinbase and Coinbase Pro are not entirely different from each other, but some factors separate the two. Firstly, Coinbase Pro’s layout is far more complex than that of Coinbase, as you can see in the screenshot below.
Coinbase Pro’s main page displays various statistics, which may seem a little overwhelming at face value. This is because Coinbase Pro is designed for more experienced traders with a better understanding of the cryptocurrency market and exchanges in general.
Coinbase Pro also offers some additional trading features, such as stop-limit orders and provides advanced market charting. These features and statistics can be confusing and unnecessary for first-time and casual traders, which is why using Coinbase Pro is by no means a necessity.
You’ll also find one additional security feature on Coinbase Pro: address whitelisting. This prevents you from sending crypto to anyone who isn’t a trusted contact on your account’s address list, which provides an extra layer of security to your transactions.
In order to use Coinbase Pro, you’ll need to create a Pro account. But how much is a Pro account? Good news, it’s totally free! Coinbase will allow you to link your standard and Pro accounts instantly so that you can transfer funds between the two. Check out our piece that breaks down the process of switching to Coinbase Pro if you’re interested in doing so.
Coinbase and Coinbase Pro Are Both Great Options
While Coinbase can be used for most of your crypto trading needs, opening a Coinbase Pro account may be useful if you’re looking for a more in-depth, advanced experience. On the other hand, you can switch between both versions if you want the best of both worlds!